10-K · February 25, 2026
LifeStance positions itself as a tech-enabled hybrid (virtual + in-person) outpatient mental health platform anchored by scale, an employed clinician model and in‑network payor relationships. Operational scale is large…
Earnings analysis · 10-Q
LFST earnings analysis
Filed May 7, 2026 · Our reading of the company's report
The latest report
LifeStance Health Group reported strong results for Q1 2026, with revenues of $403.5 million, a 21% increase from the prior year. Diluted EPS was $0.04, slightly below expectations, but the company saw significant…
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LifeStance Health Group reported strong results for Q1 2026, with revenues of $403.5 million, a 21% increase from the prior year. Diluted EPS was $0.04, slightly below expectations, but the company saw significant growth in patient visits and clinician hiring, which supports a bullish outlook for the year ahead.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.04
- Operating margin
- 5.5%
What stood out
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Revenue Growth of 21% YoY
Q1 2026 revenue reached $403.5 million, up from $333.0 million in Q1 2025, driven by a 18% increase in patient visits.
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Increased EPS Performance
Diluted EPS for Q1 2026 was reported at $0.04, though slightly below the estimated $0.05.
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Clinician Base Expanded
Total clinicians increased by 814 to 8,349, enabling more patient visits and revenue growth.
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Robust Operating Income
Operating income rose to $22.3 million in Q1 2026, compared to $1.6 million in Q1 2025.
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Cash Flow from Operations Positive
Operating cash flow generated $33.1 million in Q1 2026, in contrast to a negative cash flow of $3.1 million in Q1 2025.
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Significant Free Cash Flow Recovery
Free cash flow improved to $19.2 million from a negative $10 million a year earlier.
What to watch
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High Dependence on Insurance Payments
Continued reliance on third-party payors could impact revenue stability, as changes in reimbursement rates may occur.
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Rising Operational Costs
General and administrative expenses increased by 6% to $100.3 million, potentially affecting profitability.
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Material Weakness in Internal Controls
Ongoing material weaknesses in financial reporting could pose risks to reliable reporting and operational effectiveness.
Management's outlook
LifeStance raised its full-year revenue guidance to between $1.640 billion and $1.680 billion, citing robust operational performance.
Earlier filings 4
10-K · February 27, 2025
LifeStance describes a tech-enabled hybrid (virtual + in-person) outpatient mental health platform anchored by scale, in‑network payor relationships and an employed clinician model. Operational metrics show substantial…
10-Q · August 8, 2024
LifeStance reported Q2 total revenue of $312.3M, up 20.3% year-over-year and +3.9% sequentially. Operating loss narrowed to $(15.95)M (operating margin -5.11%) from $(48.41)M in Q2 2023, and GAAP net loss per share…
10-Q · May 9, 2024
LifeStance reported Q1 revenue of $300,437,000, up $47,848,000 (≈19.0%) versus Q1 2023, with operating loss narrowing to $16,772,000 from $34,093,000 a year ago. Net loss per share improved to $(0.06) from $(0.09) and…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.